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AMERICAS
Siris, a private equity firm focused on investing and driving value creation in technology companies, agreed to acquire BearCom, a North American solutions provider of wireless communications and security technologies, from Bertram Capital, a middle market private equity firm. Financial terms were not disclosed.
"Les and the team have built a compelling company vision and customer-first culture. I am deeply impressed with BearCom's focus on deploying highly engineered technologies and expertise to deliver end-to-end solutions to customers across industries to improve safety, security and productivity. I look forward to working with BearCom as it scales its capabilities and operations over the coming years," Jeff Jacobson, Siris Executive Partner.
BearCom and Bertram Capital are advised by BlackArch Partners, Piper Sandler and Hirschler. Siris Capital is advised by Sidley Austin.
Lightyear Capital, a New York-based private equity firm, agreed to invest in Inszone, one of the fastest-growing insurance brokerages in the US. Financial terms were not disclosed.
"Today's announcement by Lightyear and BHMS is evidence of Inszone's strength and success to date. Lightyear brings deep domain expertise and robust operating resources that will help accelerate growth. BHMS has been an excellent partner since 2020 and I am excited they will continue to support us in the next chapter of our development," Chris Walters, Inszone CEO.
Inszone is advised by Sidley Austin. Lightyear Capital is advised by Davis Polk & Wardwell, Locke Lord and ThroughCo Communications (led by Elliot Sloane).
TJC, a private equity firm, agreed to acquire Commercial Aviation Solutions, a route development advisors, from L3Harris Technologies, an American technology company, defense contractor and information technology services provider, for $800m.
"Today’s announcement is consistent with our multi-year strategy to optimize our national security, technology-focused portfolio. Aligned with our capital allocation priorities, we plan to use the proceeds from this transaction to repay debt, which will accelerate our timeline to reach our debt leverage objective,” Christopher E. Kubasik, L3Harris Chair and CEO.
TJC is advised by JP Morgan and Kirkland & Ellis. L3Harris Technologies is advised by Moelis & Co, Morgan Stanley and Sullivan & Cromwell.
KKR, a global investment firm, completed the acquisition of Potter Electric Signal, a manufacturer of fire and life safety equipment, from Gryphon Investors, a private equity firm. Financial terms were not disclosed.
For over 125 years, the Potter brand has stood for safety and reliability in the face of potentially life-threatening risks to the thousands of people and institutions around the world who entrust their fire and life safety to Potter. We have been impressed by the Company’s history of innovation and commitment to provide its customers with high-quality, easy-to-use systems supported by incredible customer service,” Brandon Brahm, KKR Partner.
KKR was advised by Robert W Baird and Baker Mckenzie.
Paceline Equity Partners, a Dallas-based private equity manager, completed a $50m investment to Kelso Industries, a provider of installation and maintenance services for heating, ventilation, air conditioning, refrigeration.
"We are excited to contribute to the ongoing expansion of Kelso, a dynamic operating company with a compelling business model and multiple avenues for growth, alongside Oxbow and Peterson. Paceline has significant experience investing in building products and construction sectors, and we look forward to bringing our financial and operational resources to bear to help Kelso scale and accelerate its growth," Sam Loughlin, Paceline CEO.
Aviva, a British multinational insurance company, agreed to acquire Optiom, a Canadian vehicle replacement insurance business, from Novacap, a North American private equity firm, for £100m ($126m).
"The acquisition strengthens our offering and distribution capabilities in a highly attractive segment of the Canadian insurance market. We, know Optiom well through our existing relationship and are excited about what we can do together to better serve our brokers and customers," Tracy Garrad, Aviva Canada CEO.
Novacap is advised by BMO Capital Markets.
Eneva, a power generation company based in Rio de Janeiro, agreed to merge with Vibra Energia, a distributor and marketer of petroleum derivatives and biofuels of Brazil and Latin America. Financial terms were not disclosed.
"If completed, a deal could result in significant efficiency and capital allocation gains. The two companies' businesses complement each other," Eneva.
Elliott renews push for change at big wireless tower owner. (FS)
Elliott Investment Management plans to push for changes at Crown Castle after the activist failed to gain traction when it first took a stake in the big owner of wireless towers, WSJ reported.
Elliott has amassed a stake of more than $2bn in Crown Castle, which has a market value of nearly $45bn, and plans to engage with the company about ways to boost its shares.
Choice Hotels prepares to challenge Wyndham's board.
Choice Hotels International is preparing to nominate directors to the board of rival Wyndham Hotels & Resorts, seeking to break a stalemate in an $8bn takeover battle, Reuters reported.
Choice has become a Wyndham shareholder by snapping up its shares in the open market and plans to raise its stake in the coming days. This gives Choice the right to nominate directors to Wyndham's board come January. If Wyndham continues to rebuff Choice's acquisition overtures, the latter could turn the election of directors at Wyndham's annual shareholder meeting in the spring into a referendum for investors on whether negotiations should take place.
EMEA
German automotive supplier Schaeffler increased its offer price in a voluntary public tender offer for Vitesco Technologies, a German automotive supplier for drivetrain and powertrain technologies, from €91 ($99) to €94 ($103) per share.
Monday's business combination agreement between Schaeffler and Vitesco is an important milestone, Schaeffler boss Klaus Rosenfeld said in a statement. The Schaeffler family already holds a 49.9% stake in Vitesco.
Vitesco is advised by JP Morgan, Hengeler Mueller (led by Simon Patrick Link) and Kekst CNC (led by Roland Klein). Schaeffler is advised by BNP Paribas, Bank of America, Citigroup and Sullivan & Cromwell (led by Carsten Berrar). Debt financing is provided by BNP Paribas, Bank of America and Citigroup.
ARCHIMED, an investment firm, completed the acquisition of Instem, an information solution and scientific insight services provider, for £203m ($256m).
"I'm truly excited about this next chapter in our transformational growth story and one that keeps our clients at the center. Instem has never been healthier, and the future has never been brighter for our client community and staff. By strategically partnering with ARCHIMED, it will empower us to accelerate our growth initiatives, expand our market presence, and pursue new opportunities that will drive our company to new heights," Phil Reason, Instem CEO.
777 Partners, the US-based investment firm, is still raising funds to close the deal it signed months ago to acquire Everton FC.
777 Partners is set to be taking over from Farhad Moshiri, a British-Iranian billionaire, in a deal report said was worth more than £550m ($693m). However, Premier League team owners were concerned over the source of 777 Partner's funding for the acquisition, with rumours claiming the deal was being funded with Colombian drug money. While the deal was initially expected to close by the end of the year, 777 partners are still short on the funds required for the acquisition.
Calibre Scientific, a diversified global provider of life science reagents, tools, instruments, and other consumables, agreed to acquire Scientific Support Services, a UK-based provider of scientific instruments, supplies and services to customers in the petrochemical, environmental, pharmaceutical, clinical, and food and flavors sectors. Financial terms were not disclosed.
"The combination of SSS's comprehensive range of analytical instrumentation together with its high-caliber support services capabilities makes it an excellent fit for us. This acquisition reinforces our dedication to advancing our laboratory capabilities and underscores our vision to being a comprehensive provider of instruments, consumables and services to our customers worldwide," Ben Travis, Calibre Scientific CEO.
Ahlsell, a distributor of installation products, tools and supplies, completed the acquisition of Bacher Work Wear, one of Denmark's largest independent suppliers of workwear, profile clothing and uniforms. Financial terms were not disclosed.
"Bacher Work Wear strengthens Ahlsell's offering on the Danish market, where we already have a wide range of products and services within HVAC, refrigeration and technical components. With this expanded range of workwear, there are great synergies and together we can offer customers a strong overall solution," Ahlsell.
Octopus Energy, a UK-based retail electricity and gas supplier specialising in sustainable energy, completed the acquisition of 12.5% stake in Walney offshore wind farm from AIP Management, the investment manager for Danish pension funds PKA and PFA. Financial terms were not disclosed.
Walney Extension is operated by Denmark's Orsted, which holds a 50% stake. It has been operational since 2018, producing enough power for nearly 600k homes.
Roche is selling euro bonds in further funding for the Telavant deal.
The European financing arm of the Swiss pharmaceuticals giant is selling at least $1.1bn in two bonds, maturing in 4 and 13 years. Initial pricing discussions are at around 45 basis points and 80 basis points over mid-swaps, respectively.
Blackstone readies for opportunities in European real estate. (FS, RE)
Blackstone's Steve Schwarzman said his firm is eyeing a bevy of buying opportunities in real estate across Europe as central banks become less aggressive with rate hikes, allowing deal volumes to begin to bounce back, Bloomberg reported.
The private equity giant has liked deals it's seen involving data centers, warehouses, and student housing across Europe.
Barclays in talks to buy $3.78bn Metro Bank mortgage book.
Metro Bank is in talks to offload a $3.78bn mortgage portfolio to Barclays as part of a broader financial restructuring aimed at saving the smaller high street lender from collapse.
Metro Bank has entered exclusive talks with Barclays to sell the residential mortgage book in a move that would strengthen its capital position.
Germany's Kuehne examines offer for Signa's Hamburg skyscraper. (RE)
German logistics entrepreneur Klaus-Michael Kuehne is examining a takeover of Signa Group's abandoned Elbtower high-rise project in his hometown of Hamburg.
Construction of the skyscraper halted in early November, when Signa stopped paying its builder. Discussions on the takeover by Kuehne are quite advanced, but no decision has been made, Reuters reported.
UK's musicMagpie will keep seeking buyers as BT ends talks. (FS)
MusicMagpie said on November 27 that it will continue to seek buyers after telecoms group BT confirmed it will not make an offer for the British online retailer of used smartphones and electronic products, Reuters reported.
Shares in musicMagpie fell 19% to a nearly three-month low of £16.35 ($20.84), giving it a market value of just over £17.5m ($21.8m). The seller of second-hand DVDs and computer games said it was in early-stage talks with BT and Aurelius Group regarding a possible buyout offer. A few days later, Aurelius Investment said it did not intend to make an offer for the company.
Debt-laden Saga turns to Lazard to shore up the balance sheet.
Saga, the financial services and travel services provider to the over-50s, has drafted in a team of city bankers to help shore up its finances, weeks after tapping its chairman for a £35m ($44.09m) loan.
Saga has been working with Lazard to advise on prospective ways to strengthen its balance sheet, including reviving the sale of its insurance underwriting division. It has also been examining possible alternatives relating to the financing of its cruise ships, Spirit of Adventure and Spirit of Discovery.
Spain's Iberdrola to invest $15bn in Britain through 2028.
Spanish renewable energy giant Iberdrola said on November 27 that it would invest nearly $15bn in Britain through 2028 in grids and renewable projects, Reuters reported.
The plan is in line with the company's broader investment strategy, which has seen a growing focus on networks, whose returns tend to be predictable, and a more selective approach to renewable projects, favouring those yielding higher returns. Additional investment in grids is necessary to strengthen the system, given the increased role played by intermittent electricity production from renewables.
JP Morgan to expand payments and corporate banking businesses in Abu Dhabi.
JP Morgan said on November 27 that it is expanding its payments and corporate banking businesses in Abu Dhabi, the capital of the United Arab Emirates, after getting a nod from regulators, DealStreetAsia reported.
The UAE is vying with Saudi Arabia to be the go-to destination for economic activity, with the region gradually moving away from its reliance on oil. The Financial Services Regulatory Authority has granted in-principle approval to JP Morgan to upgrade its license to category one. JP Morgan is planning to take deposits and offer payment processing to wholesale banking clients from the Abu Dhabi Global Market.
French grocer Casino gets interest for sale of further stores.
Casino Guichard-Perrachon has received preliminary expressions of interest for some of its hypermarkets and supermarkes as the ailing French grocer pushes ahead with its restructuring, Bloomberg reported.
Casino will review the offers over the coming weeks with the consortium led by Daniel Kretinsky that's taking over the company.
Two Australian pension giants pledge $19bn for the UK and Europe. (FS)
Two of Australia's largest pension investors pledged to pour $19bn into UK and European markets in coming years, as the industry increasingly looks for opportunities overseas, Bloomberg reported.
IFM Investors, owned by some of Australia's biggest pension funds, will spend $12.6bn on infrastructure and energy transition projects in the UK by 2027, under an agreement announced with the government there. Meanwhile, Aware Super said it will direct $6.6bn to the UK and Europe through its new London office. Both firms are making their announcements at the Global Investment Summit in London on Monday.
APAC
BPEA EQT, an Asian investment firm headquartered in Hong Kong, agreed to acquire a majority stake in HRBrain, a cloud-based service that streamlines the management and evaluation of employee goals. Financial terms were not disclosed.
"HRBrain is one of the top players in Japan's Talent Management space, which is backed by strong tailwinds from socially significant issues like a shrinking labor force, a growing shift towards job-based hiring, and a regulatory push to visualize and disclose human capital. We see great potential for further expansion of the company's impressive product and service offerings, and we look forward to leveraging EQT's experience in technology and software to support President Hiroki Hori and his employees as we work together to accelerate HRBrain's organic and inorganic growth," Tetsuro Onitsuka, BPEA EQT Partner.
HRBrain is advised by UBS and Shiomizaka. BPEA EQT is advised by Sumitomo Mitsui Banking Corp and KPMG.
Sembcorp, a provider of energy and water solutions to both industrial and municipal customers, agreed to acquire 428MW of wind assets in China and India from Envision Energy, a provider of wind turbines and energy management software, and Leap Green Energy, a multifaceted power generation company, for $147m.
These acquisitions are in the ordinary course of business and will not have a material impact on the earnings per share and net tangible assets per share of Sembcorp for the financial year.
Huawei, a Chinese multinational technology corporation, and Changan Automobiles, a Chinese automobile manufacturer, agreed to form a joint venture to engage in research and development, production, sales and service of intelligent automotive systems and component solutions. Financial terms were not disclosed.
The new company will work with partners to promote innovation and leadership in smart car technology and promote the prosperity and development of the automotive industry. The two parties will jointly support the target company to become an industry leader in automotive intelligent systems and component solutions in China," Yu Chengdong, Huawei Managing Director.
Hong Kong's ADM Capital bets on lending to Asia Pacific's SMEs. (FS)
ADM Capital, a Hong Kong-based private credit manager, is banking on Asia Pacific's small and medium enterprises for private credit deals amid a boom in the asset class, DealStreetAsia reported.
The region presents a market for underbanked deals ranging from $20-70m in size that lack competition. "The larger private credit transactions are often syndicated. We are servicing the 'missing middle,' and our deals tend to be tailor-made with a dialogue directly with the borrowers," Christopher Botsford, ADM Capital Founding Partner.
China's Jinxin Fertility commits to Warburg's $420m debut RMB fund. (FS)
Chinese assisted reproductive services provider Jinxin Fertility has become the latest limited partner in Warburg Pincus's first Chinese yuan-denominated fund, DealStreetAsia reported.
Jinxin Fertility, which runs hospitals and healthcare centers in China, the US, and Southeast Asia, pledged to invest at least $28m in Warburg's debut RMB fund. The new commitment has taken the RMB fund close to 90% of its targeted fundraising size of about $420m. This translates into a total committed capital of approximately $378m to date.
KKR veteran Sanjay Nayar backs climate fund seeking to raise $250m. (FS)
Sanjay Nayar, co-founder of Sorin Investments and former CEO of KKR India, is backing a venture capital firm seeking to raise as much as $250m to invest in climate tech startups, DealStreetAsia reported.
Nayar said the fund is seeking to raise money from institutional investors. This announcement comes nearly two months after Nayar and his firm are mulling a few new funds, including a climate fund, as it explores various avenues in the industry.
True North raises $120m for credit fund. (FS)
True North, an India headquartered private equity fund, has raised $120m for a private credit fund. The company plans to do deals ranging from $9m to $24m with mid-size companies, Reuters reported.
It is aiming for a return of 15%-18%, and the fund raise comes at a time when a growing number of Indian investors are expanding their private credit business in a move to fill a void left by banks and non-bank lenders and mirroring a pick-up in activity across Asia. True North set up its platform in 2022 and aims to close a funding deal by the end of this year.
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